AT&T Enhances Spectrum Position Following Winning FCC Auction Investing $980 Million
June 17 2019 - 7:10PM
Dow Jones News
By Stephen Nakrosis
AT&T Inc. (T) said Monday it was the winning bidder at a
Federal Communications Commission auction for spectrum licenses
that cover over 98% of the U.S. population.
It plans to use the spectrum to enhance its mobile 5G services,
the company said. AT&T was the first U.S. wireless carrier to
introduce mobile 5G service, which is available in parts of 19
cities. The company plans to have its 5G service reach parts of 29
cities by the end of 2019, it said.
AT&T spent $980 million in the auction, and the purchase
doesn't change 2019 guidance for free cash flow, net asset
monetization or debt-leverage ratio. It continues to expect $6
billion to $8 billion in proceeds from asset monetization, net of
spectrum purchases and other asset acquisitions.
"After reaching the 2.5x range for net-debt-to-adjusted-EBITDA,
the company will also look at using a portion of its free cash flow
after dividends to evaluate share buybacks and retire shares it
issued in conjunction with the Time Warner acquisition," AT&T
said.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
June 17, 2019 18:55 ET (22:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
AT&T (NYSE:T)
Historical Stock Chart
From Mar 2024 to Apr 2024
AT&T (NYSE:T)
Historical Stock Chart
From Apr 2023 to Apr 2024
